Insurance industry news from McGill and Partners, Verisk, Duck Creek Technologies and more. Photo: Shutterstock
McGill and Partners collaborated with Renew Risk, a risk analytics SaaS provider for renewable energy assets, to develop catastrophe models for offshore wind portfolios. Robust models will help the market better understand and quantify the risk, determine appropriate reinsurance limits and understand aggregation across multiple windfarms in one region. This will lead to increased insurance capacity available for the benefit of the developer, enabling reinsurers to offer more competitive and sustainable products and reduce their own capital requirements and volatility.
Verisk launched its latest update to the ISO Businessowners program. With more than 300,000 new small businesses created annually over four of the past five years, this update is essential to the industry and marks one of the most significant enhancements to the ISO BOP program.
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